2022 is proving to be a great year for Bitcoin (BTC), but while the first and most famous of the digital currencies loses the momentum that previously propelled it to great heights, the rest of the cryptocurrencies are gaining ground.
These other coins, called ‘ altcoins ‘ (alternatives to Bitcoin), do not enjoy the name and recognition of Bitcoin but, according to StormGain analysts , “it would be a mistake to underestimate them, since many of these altcoins represent great investment opportunities, which well could outperform Bitcoin, as the latest trends in the market further demonstrate.”
Following recently observed losses, Bitcoin’s dominance rate now stands at 49.5%, this being its lowest level in almost three years. This fluctuation is a clear reflection of the growing interest in altcoins in the market and has led many agents to declare the season open for altcoins , estimating that they will win the race against Bitcoin in the short term.
The dominant opinion in the world of cryptocurrencies establishes that the value of altcoins is subject to the price of Bitcoin, so the surge caused by the advance of Bitcoin tends to favor the advance of the rest of the cryptocurrencies as well. Likewise, when Bitcoin goes bad, it can drag down altcoins , although this dynamic seems to be over.
2022 has been discovered as a true turning point for cryptocurrencies, whereby previous patterns cease to hold and the value of altcoins becomes increasingly decoupled from Bitcoin. According to those responsible for StormGain , “the case of the second digital currency according to its market capitalization, Ethereum (ETH), which has reached new historical highs while Bitcoin lost 20% with respect to its historical maximum, is of particular relevance. This could well be due to the encouraging statements made by Visa at the end of March, after stating that it will accept transactions and payments with cryptocurrencies, using the Ethereum blockchain for this.”
Other examples are:
It has reached all-time highs again, thanks again to Elon Musk’s tweets. Thus, the founder of Tesla called himself “the father of Doge “, while promoting his upcoming appearance on the television program Saturday Night Live. Musk has promised that he will “literally take Dogecoin to the moon” with the launch of the SpaceX rocket.
It has also been obtaining good results after publishing the Whitepaper of its version 2.0, a technical document in which it presents a new architecture for the creation of smart contracts, through a framework for multiple interoperable decentralized oracle networks .